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Best GBP/USD Forex Brokers

Investing in the forex exchange involves trading one currency for another. In its current form, the practice is relatively new, but it has nonetheless become the largest market worldwide. Trading currencies is done in pairings, of which there are hundreds. The GBP/USD is, at the time of writing, the third most traded pair.

The vast majority of retail trading is done through online forex brokers, as it is exceptionally difficult for retail investors to take part in this market otherwise. This has led to a demand for web-based brokers, and investors now have a vast number of online forex trading websites to choose from.

How GBP/USD Trading Works for Traders and Brokers

GBP/USDTrading the GBP/USD, or, as it is known within investor circles, trading the cable, is popular and involves one of the most traded currency pairings. The instrument is traded in lots, which are several in size, and they denote that the following unit count will be traded:

  • Standard – 100,000 units
  • Mini – 10,000 units
  • Micro – 1,000 units

The cable is one of the major USD pairs where the dollar does not have the role of the base currency, but is instead the quoted currency. This is attributed to the fact that the GBP has remained the stronger of the pair, although its value has diminished in recent years.

The time at which relevant financial information is disclosed is one of the key factors investors should focus on when trading this pairing. For instance, seasoned traders will know that UK financial data tends to come out between 2 am and 4:30 am UTC-4. As for US data, it is released between 8:30 am and 10 am UTC-4.

If a trader lives outside of the US, it is important to convert this information to the relevant time zone in order to avoid confusion. The following table showcases the time of financial data disclosure within several time zones:

Data ReleaseUTC-4 (Eastern US)GMT+1 (UK)GMT+9 (Japan)
UK Data Releasebetween 2 am and 4:30 ambetween 7 am and 9:30 ambetween 3 pm and 5:30 pm
US Data Releasebetween 8:30 am and 10 ambetween 1:30 pm and 3:00 pmbetween 9:30 pm and 11 pm

Apart from data releases, major geopolitical and socio-economic events within the UK, US and the world, in general, can also play a significant role. For instance, Brexit had a strong negative effect on the British pound, and volatility can also increase rapidly in such circumstances.

Top GBP/USD Trading Brokers

choosing a brokerThe cable is the first choice of many investors when it comes to trading in the foreign exchange market. It features two of the most traded currencies globally, the British pound and the United States dollar.

As such, no online broker will neglect to allow its users to invest in this instrument, making the choice of brokers GBP/USD traders could go for quite large. If you are struggling with picking between the various options available, you can use the brokers listed below as a point of reference that will aid you in finding the broker that is best for your trading needs.

Related Topics


1. Is it possible to trade GBP/USD on the go?

Yes, trading on smartphones is not only viable but the preferred trading method of many investors. Virtually all reputable brokers nowadays offer a mobile version of their platform, most often in the form of an application. The apps in question can typically be downloaded and installed on both iOS and Android devices, allowing you to trade wherever you are, so long as you have your smartphone with you and you have an internet connection.

2. What is a stop-loss order?

A stop-loss order allows you to sell automatically once you are no longer in a position to make money out of a trade and will instead incur a loss. The stop-loss order essentially allows you to limit the amount of money you will part with in such situations.

3. Is it difficult to create an account at an online broker

No, online brokers have ensured that the account creation process is as streamlined and easy as possible. You will simply need to input your details during account registration and then complete the verification process by sending the requested documents. It will usually take a broker several days to verify your account, but once that is done, you are good to go.

4. How long do deposits and withdrawals take at an online broker?

Deposits tend to be instant, although they can sometimes take an hour or a day, depending on your banking solution of choice and the broker you use. Withdrawals usually take a couple of days to be processed. Here too, however, the exact time you will need to wait will vary from broker to broker and will also rely on your withdrawal method.

5. What should I do if I run into problems while trading GBP/USD?

All reputable brokers have several ways through which you can contact the respective website’s customer support. Live chat and email support are pretty much always available, and getting help by calling the broker’s CS team is another method that is also a popular option.